Which criteria does this course identify for contract validity?

The ASC 606 Insights Contract Identification course identifies the criteria for contract validity under ASC 606.

Which complexities does this course recognize for multiple contracts?

This course recognizes complexities in multiple contracts with the same customer.

Which offerings does this course examine for performance obligations?

This course examines bundled offerings and customizations when determining performance obligations.

How many CPE credits does this ASC 606 Insights Contract Identification course provide?

ASC 606 Insights Contract Identification and Performance Obligations is a Technical, self study text course in Accounting worth 2.0 CPE credits, requiring a 10 question final exam preceded by 10 review questions (optional) at a 70% passing score. CPEthink is approved by NASBA as a CPE sponsor and lists this course on the NASBA site as a courtesy for CPAs to search https://nasba.org.

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ASC 606 Insights: Contract Identification and Performance Obligations (Course Id 2414)

QAS / Registry

Author:	Kelen Camehl, CPA, MBA
Course Length:	Pages: 29 \|\|\| Word Count: 12,363 \|\|\| Review Questions: 10 \|\|\| Final Exam Questions: 10
CPE Credits:	2.0
IRS Credits:	0
Price:	$17.95
Passing Score:	70%
Course Type:	Text

ASC 606 Insights: Contract Identification and Performance Obligations - CPE course for CPAs

Technical Designation:	Technical
Field Of Study:	Accounting
Approved Audience:	NASBA QAS - NASBA Registry
Key Takeaways:	This course examines critical ASC 606 challenges related to identifying valid contracts and determining performance obligations within those contracts. Explains the criteria used to determine whether a valid contract exists under ASC 606. Covers how to identify and separate distinct performance obligations within a contract. Addresses common judgment areas that arise during the contract identification step of the revenue recognition model. Worth 2.0 CPE credits in Accounting as a self study text course on ASC 606 contract identification and performance obligations, requiring a 10 question final exam preceded by 10 review questions (optional) and a 70% passing score.
Frequently Asked Questions:	Which criteria does this course identify for contract validity? The ASC 606 Insights Contract Identification course identifies the criteria for contract validity under ASC 606. Which complexities does this course recognize for multiple contracts? This course recognizes complexities in multiple contracts with the same customer. Which offerings does this course examine for performance obligations? This course examines bundled offerings and customizations when determining performance obligations. How many CPE credits does this ASC 606 Insights Contract Identification course provide? ASC 606 Insights Contract Identification and Performance Obligations is a Technical, self study text course in Accounting worth 2.0 CPE credits, requiring a 10 question final exam preceded by 10 review questions (optional) at a 70% passing score. CPEthink is approved by NASBA as a CPE sponsor and lists this course on the NASBA site as a courtesy for CPAs to search https://nasba.org.
Description:	This course provides an overview of critical challenges companies encounter under ASC 606, emphasizing several key areas that can be particularly challenging for effective revenue recognition. This includes identifying valid contracts and determining performance obligations.
Usage Rank:	13750
Release:	2024
Version:	1.0
Prerequisites:	None.
Experience Level:	Overview
Additional Contents:	Complete, no additional material needed.
Additional Links:	External: Revenue Recognition: What It Means in Accounting and the 5 Steps Internal: Revenue Recognition Deep Dive - Unlocking the Key Principles of ASC 606 (Course Id 2492) Internal: Revenue Recognition - Mastering the 5 Steps of ASC 606 (Course Id 2493) External: FASB - Summary of Accounting Standards Update 2014‑09 (ASC 606)
Advance Preparation:	None.
Delivery Method:	QAS Self Study
Intended Participants:	Anyone needing Continuing Professional Education (CPE).
Revision Date:	23-Nov-2024
NASBA Course Declaration:	Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Keywords:	ASC 606 Insights: Contract Identification and Performance Obligations - CPE course for CPAs
Learning Objectives:	Chapter 1 Identifying the Contract with the Customer Upon completion of this chapter, you will be able to: Identify the criteria for contract validity under ASC 606 Recognize complexities in multiple contracts with the same customer Determine the effects of contract modifications on revenue recognition Differentiate between contract cancellations and terminations Chapter 2 Determining Performance Obligations Upon completion of this chapter, you will be able to: Identify distinct performance obligations within contracts under ASC 606 Recognize the criteria for determining if goods or services are separately identifiable Differentiate between bundled offerings and individual performance obligations Determine the impact of customization on performance obligations in contracts Recognize the impact of changes in customer requirements on performance obligations
Course Contents:	Chapter 1 - Identifying the Contract with the Customer Learning Objectives Chapter Overview Introduction Multiple Contracts with Same Customer Enforceability & Payment Terms Contract Modifications Cancellations or Terminations Conclusion Review Questions Chapter 2 - Determining Performance Obligations Learning Objectives Chapter Overview Introduction Understanding Performance Obligations Promised Goods or Services Bundled Offerings Customizations Changes in Customer Requirements Long-Term Contracts Conclusion Review Questions Glossary of Key Terms

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ASC 606 Insights: Contract Identification and Performance Obligations (Course Id 2414)

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Frequently Asked Questions:

Which criteria does this course identify for contract validity?

Which complexities does this course recognize for multiple contracts?

Which offerings does this course examine for performance obligations?

How many CPE credits does this ASC 606 Insights Contract Identification course provide?

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